FAFSA required for student grants, financial aid

Published 3:16 am, Friday, March 18, 2016

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Sandra Dulakis

Sandra Dulakis

FAFSA required for student grants, financial aid

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For the eighth and final time, I will be filling out the FAFSA. For the parents of students in college, the FAFSA is the dreaded "F" word that causes most people filling out the application to mumble a few choice words as you complete the process.

FAFSA stands for free application for federal student aid. This form is used to determine the amount of money a family is expected to contribute to the price of attending a postsecondary institution. The results of the FAFSA are used in determining student grants, work-study and student loan amounts.

Most universities require a current FAFSA to be on file before letting your student enroll in classes. For some, the FAFSA is beneficial in allowing students to obtain grant money and work-study programs to help offset the cost of higher education. For others, it offers the opportunity to secure government-funded student loans.

Whether it's your first time to fill out the application, or your eighth time, now is the time to reapply. By reapplying each year you are in college, you assure that your loans, grants and work-study stay in good standing. Here are a few tips that will help you fill out the FAFSA like a pro.

Your college funding does not automatically renew. Looking back at the massive stack of loan documents and financial aid information, it would be easy to think your college funding is handled. But remember, that stack represents financial aid for this academic year only. You will use 2015 tax information to renew your FAFSA and secure funding for the 2016-2017 school year.

Mark your calendar for important deadlines. For the upcoming school year, the FAFSA becomes available Jan. 1. Filling it out as soon as possible is beneficial for a few reasons. You get it out of the way, you know your funding is secure, and you'll be sure to meet your schools deadline, and you can apply for grants sooner.

Plan ahead! Here's a tip on how to knock the FAFSA out quickly and with a low amount of stress. Gather all needed documents before you start. By doing this you'll avoid scrambling and feel more confident in the process.

Complete all required fields. Leaving important sections blank can be costly. Leaving fields blank could cause your form to get kicked back for closer review, and that could cost you grant money. Filling out your forms online helps reduce the risk by forcing you to enter the required fields.

Even if you do not need financial aid, apply anyway. It is always better to be prepared, especially with financial aid. Even if your forecast says you have enough funding for the next year, go ahead and renew. By making a little safety net, you will be ready for financial changes that come your way, and you are not required to accept financial aid if it's not needed.

Join me on Facebook, search Coupon Clippin' Cutie and add yourself to our group. Discover that financial flub-ups can lead to disaster when completing the free application for federal student aid.

Sandra Dulakis is a nurse, mother and founder of Coupon Clippin’ Cuties.